1.    The articles of dissolution must be executed in duplicate and presented in duplicate to the department of financial institutions.

Terms Used In North Dakota Code 6-07.2-16

  • Commissioner: means the commissioner of financial institutions. See North Dakota Code 6-01-02
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
  • Trust company: means any corporation formed for the purpose of transacting business as an annuity, safe deposit, surety, or trust company. See North Dakota Code 6-01-02

a.    Upon presentation of the articles of dissolution, the commissioner shall endorse the commissioner’s approval upon each of the duplicate copies of the articles if the commissioner finds the articles conform to law.

b.    The commissioner shall file one copy of the articles in the department and issue two certificates of dissolution. The commissioner shall file one certificate of dissolution with the department and shall deliver the second to the receiver.

2.    Upon the issuance of the certificate of dissolution, the institution is dissolved and its existence ceases. Upon the issuance of the certificate of dissolution, the receiver is authorized, as agent for the directors and shareholders of any subsidiary trust company, to file any and all documents with the secretary of state necessary to terminate the subsidiary trust company’s corporate existence under applicable corporate law.

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